Vietnam, RoK target 100 billion USD in two-way trade in 2023

Deputy Prime Minister Le Minh Khai (R) and his Korean counterpart Choo Kyung-ho. (Photo: VNA)

Vietnam and the Republic of Korea (RoK) agreed to lift two-way trade to 100 billion USD right in 2023 and 150 billion USD by 2030 at the second economic cooperation dialogue at the deputy prime ministerial level in Hanoi on March 10.

The event was co-chaired by Vietnamese Deputy Prime Minister Le Minh Khai and his Korean counterpart Choo Kyung-ho.

The two sides discussed and reached consensus on cooperation contents in trade, energy and infrastructure, development cooperation, information-technology and investment, health care and labour.

They agreed to deal with difficulties faced by enterprises in each country and draw more Korean investments in Vietnam’s priority areas such as information technology and communications, LNG-fueled power, infrastructure, smart urban development, distribution and logistics.

The two sides vowed to enhance effective cooperation in official development assistance through efficient utilisation of non-refundable aid projects and the RoK’s ODA loans through the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF).

Khai asked Vietnam’s relevant agencies to work closely with the RoK’s counterparts to build an action plan and realise the outcomes of the dialogue.

Choo, for his part, said the RoK will continue working closely with Vietnam to step up exchanges on quarantine of farm produce, animal husbandry and expand coordination in health care.

The Korean Government will make the best of large-scale infrastructure projects for Vietnam's development and encourage Korean firms to take part in, he said.

Both sides need to reshuffle the global supply chain and perform sustainable support policies, and continue extending collaboration in raw materials, Choo said.

The RoK wants to partner with Vietnam and share its experience and understanding of advanced technology, information technology, and digital transformation, he said, adding that the RoK also wishes to build eco-friendly infrastructure in Vietnam and boost bilateral cooperation in clean energy, contributing to Vietnam’s carbon neutrality goal.

He hoped for Khai and the Vietnamese Government’s special support in administrative reform to draw more Korean enterprises.

At present, the RoK remains the top foreign investor in Vietnam with combined registered capital of 81.3 billion USD, comes second in development cooperation (3.75 billion USD), tourism and labour cooperation, and ranks third in trade cooperation with two-way trade value reaching 86.4 billion USD last year.

At the event, Vietnamese Deputy Minister of Finance Vo Thanh Hung and Vice Chairman of the Export-Import Bank of Korea Kim Tae-soo signed an agreement to finance the project on upgrading the Hoa Duyet - Thanh Luyen section of the Hanoi - Ho Chi Minh City railway route./.

VNA